On November 14, Amtech Netherlands headquarters issued a statement claiming that Amtech China has sufficient inventory to last for several months, and "the responsibility for the chip supply disruption lies entirely with the entities in China."
(1. Both Sides Confirm Sufficient Inventory, but Who Is Responsible for the Supply Disruption?)
According to the established process, Amtech Semiconductor's wafers are mainly produced in Europe and should be transported to China for packaging and testing. However, Amtech Netherlands headquarters unilaterally cut off the upstream supply at the end of October, citing as an external reason that the Chinese subsidiary refused to pay the invoice and had ceased operations under the agreed framework.
Amtech Netherlands headquarters claimed that based on the wafer shipment situation before the supply cut-off, as well as the inventory accumulation caused by China's ban on finished chip exports, they concluded that Amtech China actually should have had sufficient wafers and finished products to maintain production for several months.
Amtech Netherlands' claim about the inventory is not problematic in itself. In fact, as early as November 2, Amtech China had publicly stated that its inventory was sufficient to support production until the end of this year, and even longer.
Now that both sides confirm sufficient inventory, who should bear the responsibility for the supply chain crisis?
(2. Sufficient Inventory ≠ No Impact from the Supply Cut, Dutch Blame-Shifting Accusations)
In fact, "sufficient inventory" does not mean "no impact from the supply cut."
The semiconductor production chain is highly continuous. New batches of wafers must undergo testing, verification, and customer re-approval before they can be officially put into mass production. This cycle often takes several months, or even longer. To avoid large-scale production disruptions, Amtech China must proactively reduce and control capacity.
The South China Morning Post pointed out: As one of Amtech's largest production bases, the Dongguan packaging and testing plant has had approximately one-third of its machines idle, and the production rhythm has been severely disrupted. The real impact of the wafer supply cut has already begun to emerge on the production line.
In this context, Amtech Netherlands has shifted all the blame to Amtech China, claiming that "all responsibilities lie with the Chinese side." This statement ignores industry rules, disregards actual circumstances, and has obvious characteristics of blame-shifting.
(3. Tracing the Origin of the Controversy: Dutch Takeover Sparks Countermeasures, China Breaks the Stalemate for a Turnaround)
This global semiconductor controversy began at the end of September — the Dutch government suddenly announced, citing "protecting European economic security," to forcibly take over Amtech Semiconductor.
Amtech Semiconductor, as a 100% owned subsidiary of China's Wintek Technology, has long operated legally and in compliance in the Netherlands. The Dutch move is widely seen as a clearly targeted intervention and became the spark that ignited the crisis.
China quickly took countermeasures, suspending the export of finished chips from the China region of Amtech. Since about 70% of Amtech's packaging and testing capacity is concentrated in China, the ban led to a "chip shortage" crisis for many car manufacturers in Europe and Japan.
After weeks of deadlock, the situation recently showed signs of improvement. On November 13, the Dutch Ministry of Economic Affairs announced that it would send a senior delegation to China for negotiations "early next week." At the same time, the Dutch side released a clear signal through the media: "exchange supply for regulation." The Sino-Dutch parties entered a stage of negotiation and confrontation.
(4. Listing "Crimes" Against Amtech China, Headquarters Attempts to Justify the Dutch Government's Actions)
The Dutch side attempts to frame Amtech China to provide a "reasonable" cover for its improper intervention. In the latest announcement, the Dutch headquarters lists four alleged "crimes" against Amtech China: refusal to pay wafer invoices, unauthorized use of official seals, sending unauthorized false information to customers and employees, and guiding customers to transfer payments to privately opened accounts.
However, this accusation deliberately avoids a fundamental fact — the Dutch decision is not legally valid in China. With the company in a state of governance chaos and unclear prospects, as a legally registered independent legal entity in China, Amtech China has the right to make independent decisions according to Chinese law to maintain the continued operation of the enterprise.
Even if Amtech China encounters business problems, it should be handled by Chinese judicial and regulatory authorities according to law. What qualification does the Dutch headquarters have to interfere and criticize? Its so-called "crimes" are nothing more than public opinion manipulation to cover up its illegal takeover actions, pure fabrications and confusion.
(5. The Strategic Intentions of the Netherlands: Building a New Supply Chain Independent of China)
Notably, the Netherlands headquarters' recent statement contains clear signals of supply chain adjustments. It emphasized that factories in Europe and Asia outside of China are operating normally and announced that it will gradually expand non-China regions' capacity before 2026.
By maintaining a pause in wafer supply to the Chinese region and spreading rumors to defame the quality of Amtech China's products, the Netherlands may aim to weaken customer confidence in the Chinese base and attract more orders to non-Chinese bases.
It is generally believed that the Dutch side is trying to reduce dependence on Chinese production capacity and gradually build a new supply chain system dominated by itself, located in Europe and Southeast Asia.
(6. Customers Vote with Their Feet: Choosing to Ship Wafers to China for Packaging, China's Supply Chain Is Irreplaceable)
Removing the Dutch headquarters' facade, Amtech Semiconductor's core is China: 49.3% of the market is in China, and 80% of the capacity relies on China. These figures reveal a reality: Amtech's success is built on the Chinese foundation. Without this foundation, its global operations would be unsustainable, becoming an empty castle in the air.
Wintek previously clearly stated that the plan for local companies to take over Amtech is destined to fail. The core reason is that customers will not easily switch to a new entity. This judgment has recently been strongly corroborated: According to a Reuters report on November 13, some customers are choosing to directly purchase wafers from Amtech's European wafer plants and then ship them to China for packaging and testing.
Customers are willing to bear higher process costs and logistics complexity to ensure that their chips complete key production stages in China, highlighting the deep reliance of global customers on China's high-end packaging and testing capacity.
(7. Don't Be Complacent, the Dutch Court Is the Last Obstacle)
Even if the Dutch government eventually gives in, the administrative instructions of the Dutch government and the judicial rulings of the corporate court are two separate systems, not subordinate to each other. The Amsterdam Court of Appeal had previously ruled that almost all of Wintek's voting rights will be controlled by an independent administrator appointed by the court.
Wintek has repeatedly requested the Dutch government to revoke the inappropriate directive to freeze Amtech's global operations and restore Zhang Xuezhen's position as CEO. However, in the latest statement, Amtech Netherlands headquarters again confirmed that Zhang Xuezhen remains suspended; the Dutch government's directive has not been revoked; the company will continue to comply with all requirements from the Netherlands.
The Dutch side is unwilling to fully back down but wants to maintain ties with the Chinese market; while China cannot accept the arbitrary takeover of the enterprise and will take a series of countermeasures to protect the legitimate rights and interests of the enterprise. The struggle for control of Amtech may evolve into a long-term and complex tug-of-war.
(8. Warning for Going Global: The Cost of Underestimating the Hypocrisy of Western Contractual Spirit)
This incident serves as a warning for Chinese enterprises: when going global, one must prepare for the possibility of "shipwreck." Wintek's acquisition of Amtech Semiconductor was once regarded as a benchmark for Chinese enterprises' global semiconductor layout.
In the first three quarters of 2025, Wintek's profit surged by 265%, with Amtech contributing about one-sixth of the revenue. However, just as the situation looked promising, the Dutch government's control order came like a storm, halting the momentum of rapid progress.
This incident not only exposed the serious underestimation of Chinese enterprises regarding the risks of overseas investments, but also revealed the hypocrisy and fragility of the so-called "contractual spirit" of the West when it comes to interests.
(9. Strategic Misjudgment by the Netherlands: Administrative Orders Cannot Suppress China's "Structural Power")
The Dutch government's actions were a strategic misjudgment. It overestimated the weight of administrative power in the global industrial ecosystem and underestimated the structural power China has formed in the markets, manufacturing, and capital sectors.
China managed to stabilize the chaos of Amtech Semiconductor because it always held two cards:
First, most of its capacity is located within China, giving it the confidence to prepare for the worst;
Second, China's current strength provides the strongest confidence to push for a turnaround.
The Dutch government's orders cannot sever the symbiotic bonds between industries around the world, and their technological advantages cannot surpass the strong industrial foundation China has established. For them, this is undoubtedly a lesson in reality.
Original text: https://www.toutiao.com/article/7572857189690294820/
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